Team Namibia vital for Vision 2030
Speaking at the annual general meeting of Team Namibia in the capital on Wednesday, the premier said manufacturing growth is instrumental for the country’s economic growth due to the high multiplier effect that it has.
He said: “According to Vision 2030, the Namibian economy must attain growth of approximately 6% per annum to reach the goals of this vision. This translates to the manufacturing sector having to achieve a growth rate of 7% annually.”
Angula said because of the relatively underdeveloped local supply chain, the multiplier for the various industries is relatively low compared to other countries. “If this local chain can be deepened, the multiplier effect will improve exponentially, imports will be reduced and economic growth will accelerate,” he said.